Today, the decentralized stablecoin protocol Ethena announced a spot buyback plan for ENA tokens worth $260 million over the next 6 weeks, which is estimated to repurchase approximately 8% of ENA's circulating supply at current prices. This move was announced following the completion of a $360 million financing by its partner StablecoinX, demonstrating Ethena's long-term strategic layout around its native protocol assets.
StablecoinX is an enterprise focused on Ethena network validation and infrastructure construction, which has reached a merger agreement with the NASDAQ-listed SPAC company TLGY. It plans to rename itself as StablecoinX within three months and list on the NASDAQ Global Market with the code "USDE". This will become the world's first listed entity focused on stablecoin ecosystem treasury management, pioneering a new paradigm of decentralized financial capitalization.
This financing was participated in by multiple top-tier institutions including Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, and Wintermute, with the Ethena Foundation also entering as a strategic investor. All funds will be used to purchase ENA in the open market, initiating a long-term holding mechanism to ensure StablecoinX's treasury is strategically bound to Ethena and aligned with the foundation's incentive direction.
After the transaction, StablecoinX will become a long-term capital pillar of the Ethena ecosystem, incorporating the purchased ENA into its balance sheet and permanently holding it through an irrevocable treasury mechanism, creating a "token black hole" effect at the protocol level. At that time, the Ethena Foundation and StablecoinX will collectively absorb tokens up to 26% of the total ENA supply, providing strong support for ENA prices while enhancing market confidence and improving circulation efficiency.
These series of actions mean that Ethena is steadily building a comprehensive on-chain financial infrastructure centered on "stablecoins + native asset treasury", and providing sufficient capital reserves and institutional design guarantees for its subsequent global expansion and protocol governance.
